India OKs Reliance plan to develop four gas fields

RakeshSharma

NEW DELHI -(MarketWatch)- India' oil ministry has approved a proposal by Reliance Industries Ltd. (500325.BY) to develop four satellite fields in its east-coast gas block, a company executive said Tuesday.

"We have got the approval," the executive, who didn't wish to be named, told Dow Jones Newswires.

The development of the satellite fields will help Reliance industries ramp up gas output at the D-6 block in the Krishna Godavri basin.

Gas production at the D-6 block, which makes up a chunk of India's total gas production, was around 38-39 million metric standard cubic meters a day, Oil Secretary G.C. Chaturvedi said Dec. 21, down from peak output of 60 MMSCMD in the middle of 2010.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.